Seniors and other recipients are getting the biggest bump since 1981. But tax and Medicare issues may complicate things.
The annual cost-of-living adjustment, or COLA takes effect with the December benefits, but those payments will be made in January 2023,to the Social Security Administration. With the increase, the average benefit check will rise more than $140 to $1,827 a month, compared with the typical benefit of $1,681 in 2022.
She added,"We have just been through a period where retirees are trying to cope and manage, and they have never been through anything like this before." Those with birthdays that fall between the 11th to 20th of any month will have their payments deposited or mailed on the third Wednesday of each month. Their first check with the enhanced COLA will arrive on January 18.
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